Marsh has announced it will create a new specialty unit following the acquisition of JLT. Marsh-JLT Specialty will combine the specialty teams of both businesses when the deal closes, although notably it will retain the JLT name and key JLT executives will head up the new business…

Insurance buyers in North America will pay higher commercial insurance rates next year with some lines reaching double-digit increases, according to Willis Towers Watson’s Marketplace Realities 2019 report. Willis says hype about property rate increases following heavy catastrophe losses in 2017 masked where the real increases have pushed through – casualty and professional liability lines…

The airport industry has formed a new Airport Risk Community (ARC) group to share knowledge and insight on emerging risks. Launched by Willis Towers Watson at an airport risk event in The Netherlands, ARC will provide data and research on managing airport risk. ARC said it will connect professionals around the world and host events to share knowledge on common…

Marsh & McLennan Companies’ (MMC) planned acquisition of JLT for $5.6bn is all about delivering growth, said the buyer’s CEO Dan Glaser, who added that the deal will see his company become a “stronger” specialty broker…

China Reinsurance is set to spend close to a billion dollars acquiring specialty insurer Chaucer from Hanover Insurance. The deal, which is still subject to shareholder and regulatory approval, is expected to close by early 2019. China Re will acquire Chaucer Insurance, Hannover Australia and Hannover Insurance International Holdings in return for $865m in cash and an $85m dividend to…

The aviation insurance market has seen premium rates flat or increasing a little, with underwriters determined to keep rates from falling again, according to the latest Aviation Insurance Market Summary from JLT. It states that 2018 could prove to be a pivotal year for many companies and syndicates. The broker says the majority of second-quarter programmes concluded with premiums flat…

The EU should close gaps between member states’ drone regulations that currently restrict insurers’ ability to deliver risk-transfer solutions, said the industry’s federation Insurance Europe. In response to the EC’s consultation on technical standards for drones, Insurance Europe calls for a common framework to license, certificate, authorise and classify drone use at EU level. The European federation said insurers’ interest…

London market insurers have published a model exclusion, in a bid to clarify cyber cover for aviation policies. At the same time, brokers have launched separate cyber insurance policies to address emerging gaps in cyber cover for airlines and the general aviation sector. In recent weeks, JLT and Willis have launched cyber insurance policies for the aviation sector that seek…

A record low number of accidents and fatalities made 2017 the safest ever year for commercial aviation, according to the Aviation Safety Network (ASN). A separate report by aviation consultants To70 also had last year as a good year for airline safety, but warned against complacency and stressed the figures were partly down to “good fortune”. In total, ten airline…

Marsh has appointed Mark Costin as head of its UK aviation practice. Mr Costin was previously leader of Marsh’s UK aerospace team and will be placed by Oyin Heath. Marsh said Mr Costin will continue to be based in London. In his new role, he will be responsible for developing risk and insurance services and solutions for UK and international…